I have spent nearly twenty years helping banks and insurance companies transform, integrate and scale across Europe, Latin America, the US, and the Middle East. One thing is clear: the future of financial services is not about slow or occasional change. It is about constant transformation: Banks and insurers must act like living systems, always learning, adapting, and improving to serve customers faster and better.
- Transformation as a continuous journey
The first change needed is in mindset and culture. Transformation is not a one-time project with a clear start and finish. It must become a continuous journey. Organizations need small, accountable teams that quickly test new ideas, learn fast, and improve week by week. Leaders should focus on clear, measurable results and ambitious goals, rather than endless meetings or reports. Speed, learning, and the courage to try new ideas, fail fast, and try again are now the keys to success. The real ambition is not to finish a project but to build a culture that never stops improving. - AI as the invisible engine
AI must quietly and reliably power every process. It should handle routine tasks such as onboarding clients, credit scoring, compliance, and fraud detection without friction. Most cases should flow automatically, leaving the teams free to focus on solving complex problems, fostering innovation, and providing better advice. Each time AI works, it learns and becomes smarter. AI should not be confined to experimental labs hidden in the underground basement, dedicated to unrealistic pilot projects. Instead, it must be the invisible engine that keeps banks and insurers flexible, efficient, and responsive, supporting the crucial processes and practical use cases in daily operations. - Cloud native and modular systems
Old technology slows progress; this is a key lesson banks have learned in the 21st century. Future-ready banks and insurers need cloud-based, modular platforms that scale easily and turn fixed costs into flexible expenses. Instead of relying on a single large core system that takes months to update, they must build systems using small, flexible components connected through APIs. This architecture reduces costs and allows new products to launch in weeks, not months. Technology should enable change, not block it. - Finance everywhere
Customers don’t think about using a bank or buying insurance. They think about buying homes, cars, health, or travel. Financial services must be naturally embedded into these moments. Payments, credit, and insurance should be integrated smoothly inside e-commerce, transportation, healthcare, or lifestyle platforms. Choosing the right partners to scale is key for successful products. The Middle East has a special opportunity here, as regulators promote open banking and open finance. Banks and insurers embracing embedded finance will expand reach and influence quickly. - Smart cost control
Future winners will balance efficiency with bold investment. Routine tasks must be automated or outsourced. Cost savings must be reinvested in strengths like risk management, technology, product design, and advisory services. In summary, those capabilities that make the institution unique. The message is simple: commoditize what does not differentiate you, and invest heavily in what does. - Talent is the real advantage
AI will take over repetitive work, but human skill remains crucial. Project managers, risk experts, data scientists, and product designers should focus on solving problems, not paperwork. Training and sharing knowledge across the company is key to keeping talent motivated and ready for the uncertainty of the AI era. Strong expertise and a culture of learning will be the real competitive edge. Generalists with technical curiosity and an adaptive mindset will thrive. - Faster, data-driven decisions
Decision-making must move closer to the teams. Leaders should empower them to act based on clear metrics like number of new releases, time to market, cost per case, or share of new customers from new channels. This makes the entire organization a learning system, improving continually.
The Middle East’s unique moment
The Middle East stands at a unique crossroads. The region has strong profits, ambitious regulators, and one of the youngest and most digitally connected populations in the world. This rare combination gives banks and insurers a powerful chance to invest now in AI, modular technology platforms, embedded finance, and global talent. Waiting would mean losing this advantage. Meanwhile, many European institutions struggle facing heavy regulations and taxes that consume resources otherwise dedicated to drive innovation. The Middle East still maintains the freedom to act boldly and fast, driving momentum to new heights and setting pace for the global financial industry.
A call to leadership
The future of financial services demands intelligence, speed, and constant improvement. The dynamic bank or insurer never finishes transforming; it lives in continuous evolution. If you lead this industry, my advice is clear: act now, confidently embrace change. Use today’s strengths to prepare for tomorrow. Find the best partners and advisors, build ambitious teams, and make history. The winners will be those bold enough to challenge the status quo before circumstances force them to.
